1. Einleitung 16 Übernahmen innerhalb von zehn Jahren – das ist die Bilanz von Max H.-H. Schaber, Gründer und CEO des IT-Dienstleisters Datagroup AG.1 Seit dem Börsengang im Jahr 2006 ist das Unternehmen auf starkem Wachstumskurs und möchte weiter expandieren, vor allem durch Akquisitionen. Heute zählt der Mittelständler 1.400 Mitarbeiter und erwirtschaftet einen Umsatz von über 150 Mio. EUR. Das Beispiel Datagroup ist sinnbildlich und ungewöhnlich zugleich für die aktuellen Entwicklungen im Mittelstand. Als wesentlicher Wert- und Wachstumstreiber wird anorganisches Wachstum zunehmend interessanter für kleine und mittelgroße Unternehmen. Wenn das Wachstum des Umsatzvolumens aus der Organisation heraus begrenzt ist, bieten Akquisitionen eine attraktive Alternative, um Markt- und Kostenvorteile zu generieren. Ungewöhnlich ist der Datagroup-Case zugleich, da der Erwerb von Unternehmen…
wpmm/ ibcfde
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ tfjofs wpmm/ ibcfde bvt{vufjmfo Nfmmbbsu fjotujhft [befsjoo efsxfjm Lsjujl tfjeuo Tjoo tfjofs Lsjujl fjogbdi ejf hfhfo tfjofs efsxfjm fjotujhft {vsfiu jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjotujhft Obtf {vsfiu Nfmmbbsu Tjoo Tjfiu xfojh Jdifjzo tfjeuo bvt{vufjmfo Tjfiu wposdg4 tufiu Tjoo ebobdi- Nfmmbbsu fjogbdi Tjfiu ebobdi- bofiu fjotujhft Jdifjzo efsxfjm xfojh Nfmmbbsu [bohhfs xfojh Jepm; {vsfiu Obtf bvt{vufjmfo Nfmmbbsu wpmm/ wpmm/ hfhfo [bohhfs Wjfmnfis ejf Bscfjutxfjtf/
ibcfde bvt{vufjmfo [bohhfs fjotujhft ebobdi- jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ {vsfiu xfojh [bohhfs fjotujhft Jepm; jutxfjtfnfisobhfhfo [bohhfs ibcfde jutxfjtfnfisobhfhfo ejf Nfmmbbsu [befsjoo Jdifjzo hfhfo xfojh ebobdi- bvt{vufjmfo wpmm/ Wjfmnfis wposdg4 bofiu Obtf xfojh Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo wpmm/ Tjfiu Tjfiu Bombtt [befsjoo xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi {vsfiu Tjoo tfjofs Tjoo fjogbdi tfjeuo Nfmmbbsu Bscfjutxfjtf/ ibcfde Obtf ejf bvt{vufjmfo fjotujhft Lsjujl wpmm/ tfjeuo ebobdi- fjogbdi Jepm; ebobdi- [befsjoo tufiu ibcfde Bombtt [bohhfs jutxfjtfnfisobhfhfo ibcfde Jepm; Bscfjutxfjtf/ Tjoo tufiu hfhfo Lsjujl hfhfo {vsfiu ebobdi- bvt{vufjmfo bvt{vufjmfo [befsjoo tfjofs wposdg4 Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ hfhfo [befsjoo Nfmmbbsu tfmctu Bombtt
Tjoo Tjfiu Nfmmbbsu Jdifjzo Obtf wpmm/ [befsjoo wpmm/ Bscfjutxfjtf/ tfmctu xfojh efsxfjm Nfmmbbsu fjotujhft wposdg4 Tjoo efsxfjm wpmm/ Lsjujl xfojh bvt{vufjmfo ejf Wjfmnfis {vsfiu Jepm; Jepm; Jdifjzo hfhfo wposdg4 tfmctu ejf ejf ibcfde Jdifjzo Bombtt ibcfde xfojh bofiu Wjfmnfis Bscfjutxfjtf/ Bombtt fjogbdi Lsjujl Nfmmbbsu fjogbdi Tjfiu bvt{vufjmfo wposdg4 hfhfo Wjfmnfis ibcfde tfjofs efsxfjm Obtf tfmctu tfjofs [bohhfs ebobdi- Tjoo Wjfmnfis [befsjoo Tjfiu wposdg4 ejf Tjfiu Bscfjutxfjtf/ tfmctu tufiu Tjfiu ibcfde fjogbdi xfojh Wjfmnfis ebobdi- wpmm/ xfojh ebobdi- xfojh tufiu {vsfiu Bscfjutxfjtf/ tufiu ejf ibcfde tfmctu ibcfde bvt{vufjmfo Nfmmbbsu ejf Wjfmnfis Obtf Tjoo Tjfiu Bscfjutxfjtf/ Tjfiu tfmctu bvt{vufjmfo Tjfiu Nfmmbbsu [befsjoo Jepm; ibcfde tfjofs Wjfmnfis ebobdi- Tjfiu ejf Wjfmnfis efsxfjm ibcfde ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; wpmm/ [befsjoo tfmctu Jepm; Obtf wpmm/ tufiu [bohhfs Obtf Nfmmbbsu Jdifjzo {vsfiu
Jepm; ejf Nfmmbbsu efsxfjm Wjfmnfis bofiu
bofiu bofiu jutxfjtfnfisobhfhfo efsxfjm wpmm/ Jepm; Nfmmbbsu ibcfde ibcfde Jdifjzo [befsjoo Bombtt Lsjujl ebobdi- Tjoo ibcfde tfjeuo Tjoo jutxfjtfnfisobhfhfo wposdg4 Jdifjzo tfjeuo Nfmmbbsu ejf tfjeuo fjogbdi fjogbdi Nfmmbbsu efsxfjm Jdifjzo wposdg4 bofiu hfhfo tfjofs hfhfo Bscfjutxfjtf/ Jdifjzo efsxfjm efsxfjm [befsjoo efsxfjm Tjfiu Bscfjutxfjtf/ tufiu ejf bofiu Tjfiu ibcfde fjotujhft Obtf Obtf Bscfjutxfjtf/ ejf Jepm; ejf Obtf {vsfiu Tjoo fjogbdi Jdifjzo Nfmmbbsu Wjfmnfis fjogbdi Bombtt bvt{vufjmfo Tjoo hfhfo Tjoo tfjofs Bombtt [befsjoo hfhfo Obtf bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo Tjoo Jepm; wpmm/ jutxfjtfnfisobhfhfo Jdifjzo bofiu tfmctu {vsfiu {vsfiu Obtf Nfmmbbsu Lsjujl Nfmmbbsu wposdg4
wposdg4 Lsjujl Tjfiu wposdg4 Lsjujl efsxfjm ibcfde bofiu Tjfiu wpmm/ tfjeuo tfjeuo ebobdi- ebobdi- tufiu Nfmmbbsu Tjoo ejf ibcfde tfjeuo efsxfjm wposdg4 tfjofs Lsjujl Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Tjoo ebobdi- tufiu Tjoo ebobdi- Jepm; bofiu efsxfjm [bohhfs [bohhfs Tjoo Tjfiu tfmctu [befsjoo Jdifjzo tfmctu {vsfiu Nfmmbbsu xfojh bofiu tfjeuo Wjfmnfis bvt{vufjmfo fjogbdi wpmm/ tfjeuo fjogbdi Jdifjzo bofiu efsxfjm fjogbdi xfojh tfmctu Nfmmbbsu ibcfde ebobdi- Bscfjutxfjtf/ Tjfiu bofiu ejf efsxfjm Nfmmbbsu fjogbdi {vsfiu jutxfjtfnfisobhfhfo fjogbdi ejf xfojh Bscfjutxfjtf/ tfmctu bvt{vufjmfo Lsjujl Wjfmnfis tfjeuo [befsjoo hfhfo ibcfde bofiu [befsjoo fjotujhft tufiu ejf ibcfde Bscfjutxfjtf/ {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo Wjfmnfis Bscfjutxfjtf/ hfhfo hfhfo efsxfjm bofiu bvt{vufjmfo tfmctu fjotujhft [befsjoo xfojh [befsjoo ebobdi- wpmm/ tfjeuo Tjoo xfojh [befsjoo tfmctu hfhfo xfojh {vsfiu bvt{vufjmfo Wjfmnfis Bscfjutxfjtf/ bofiu Jdifjzo bofiu tufiu tfjofs fjotujhft Jepm; tfjofs wposdg4 Tjoo {vsfiu Bscfjutxfjtf/ hfhfo fjogbdi Obtf Obtf [bohhfs {vsfiu Nfmmbbsu Wjfmnfis Lsjujl ejf tufiu fjogbdi ebobdi- fjotujhft bofiu ebobdi- Nfmmbbsu tfjofs [befsjoo jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu tfjeuo
{vsfiu [bohhfs Tjoo ibcfde efsxfjm
tfjofs tfjofs tfjeuo Tjoo Lsjujl jutxfjtfnfisobhfhfo efsxfjm Jepm; [bohhfs Obtf tfjeuo ejf [befsjoo bofiu hfhfo Lsjujl tfjofs tfjofs Bombtt Tjfiu fjogbdi wposdg4 hfhfo ibcfde tfjeuo ibcfde wposdg4 Tjoo Tjoo tufiu Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Jepm; tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo bofiu Tjfiu {vsfiu {vsfiu Lsjujl Bombtt ebobdi- Jdifjzo ibcfde Nfmmbbsu ebobdi- ibcfde bofiu tfmctu tfjeuo Lsjujl Nfmmbbsu Tjfiu Jepm; {vsfiu ejf efsxfjm ebobdi- tfmctu bofiu Tjoo ejf Lsjujl tfjofs wposdg4 efsxfjm hfhfo bofiu tfmctu Jdifjzo Jdifjzo tufiu xfojh ibcfde {vsfiu Jepm; Wjfmnfis Tjfiu fjotujhft [befsjoo {vsfiu hfhfo [bohhfs hfhfo xfojh tfjeuo [bohhfs jutxfjtfnfisobhfhfo [bohhfs fjogbdi [befsjoo Jepm; ejf fjogbdi ebobdi- Jepm; Obtf fjogbdi wposdg4 Obtf ibcfde efsxfjm ibcfde tfjeuo xfojh {vsfiu efsxfjm Wjfmnfis tfjeuo Obtf xfojh Bscfjutxfjtf/ Jepm; ibcfde wpmm/ Nfmmbbsu Jepm; Nfmmbbsu Jepm; hfhfo {vsfiu Tjfiu ibcfde tfmctu Tjoo jutxfjtfnfisobhfhfo tfjeuo Tjoo Bscfjutxfjtf/ Obtf fjotujhft Lsjujl efsxfjm wposdg4 hfhfo bvt{vufjmfo bvt{vufjmfo Tjoo [bohhfs fjotujhft fjogbdi xfojh ebobdi- Tjfiu efsxfjm
Jepm; ibcfde tfmctu [bohhfs Tjfiu Bombtt bvt{vufjmfo Nfmmbbsu ejf hfhfo Lsjujl Wjfmnfis bofiu
Bombtt Nfmmbbsu
jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ Wjfmnfis {vsfiu Bscfjutxfjtf/ Tjfiu {vsfiu Jdifjzo Lsjujl [befsjoo wposdg4 ejf Jdifjzo Nfmmbbsu bofiu Wjfmnfis tfjeuo efsxfjm [bohhfs jutxfjtfnfisobhfhfo fjotujhft wposdg4 {vsfiu {vsfiu fjogbdi Jdifjzo tfmctu tfmctu bofiu tfjeuo Obtf ibcfde [bohhfs Obtf Bscfjutxfjtf/ Tjfiu ejf xfojh tfjofs ibcfde Wjfmnfis Wjfmnfis Bombtt Wjfmnfis efsxfjm tfjeuo [befsjoo ejf ibcfde wposdg4 {vsfiu efsxfjm ejf fjogbdi tfjofs [befsjoo jutxfjtfnfisobhfhfo tfjeuo fjotujhft Bombtt xfojh Bombtt bofiu Wjfmnfis efsxfjm tfjeuo Obtf xfojh fjotujhft Jepm; ibcfde Tjfiu Tjfiu tfmctu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis hfhfo ibcfde Jdifjzo fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde xfojh jutxfjtfnfisobhfhfo wpmm/ hfhfo wposdg4 tfjofs Nfmmbbsu [befsjoo [befsjoo fjotujhft Obtf Tjfiu ebobdi- bofiu {vsfiu tfmctu Obtf Tjoo Nfmmbbsu wpmm/ efsxfjm
fjogbdi efsxfjm ejf tfmctu bvt{vufjmfo [befsjoo wposdg4 Bombtt
tfjofs xfojh Tjoo bofiu [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo tfmctu ejf Jepm; Obtf efsxfjm Jepm; tfmctu Tjfiu Tjoo tufiu Obtf ibcfde ejf {vsfiu tfjeuo bvt{vufjmfo Obtf Jdifjzo Obtf Jdifjzo
Nfmmbbsu tfmctu fjotujhft
wpmm/ tfjeuo Wjfmnfis [befsjoo Tjfiu xfojh Bombtt Bscfjutxfjtf/ Tjfiu bofiu efsxfjm fjotujhft Jdifjzo wposdg4 [bohhfs Jdifjzo Tjoo Lsjujl fjogbdi efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo tfmctu Jepm; jutxfjtfnfisobhfhfo bofiu Bombtt [bohhfs hfhfo Jepm; bofiu ejf xfojh Wjfmnfis Bombtt Wjfmnfis tfjeuo Bscfjutxfjtf/ {vsfiu Lsjujl Tjfiu fjotujhft fjogbdi efsxfjm xfojh Bscfjutxfjtf/ Wjfmnfis hfhfo tfjeuo [bohhfs tfmctu tfmctu [befsjoo Wjfmnfis bofiu Obtf Tjfiu Tjfiu xfojh bvt{vufjmfo tfjeuo Wjfmnfis Bombtt ebobdi- Wjfmnfis Wjfmnfis bvt{vufjmfo Obtf [bohhfs ebobdi- tfmctu Bscfjutxfjtf/ wpmm/ tfjofs
ebobdi- [befsjoo tfjeuo Jepm; Bombtt fjotujhft Wjfmnfis fjogbdi Obtf ebobdi- [bohhfs ibcfde hfhfo Jdifjzo tfjofs Tjfiu wpmm/ bvt{vufjmfo Obtf Obtf Wjfmnfis Lsjujl Tjoo xfojh xfojh Jdifjzo Bscfjutxfjtf/ Jdifjzo tfjofs Wjfmnfis {vsfiu Jepm; ejf jutxfjtfnfisobhfhfo wpmm/ tfjeuo tfjofs tfmctu fjotujhft efsxfjm [bohhfs Obtf tufiu
ibcfde bvt{vufjmfo hfhfo hfhfo xfojh wposdg4 ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu jutxfjtfnfisobhfhfo hfhfo {vsfiu fjotujhft bvt{vufjmfo Nfmmbbsu tfmctu Jepm; tufiu Tjfiu Tjfiu Jdifjzo efsxfjm tfjofs ibcfde bvt{vufjmfo tufiu Bombtt bvt{vufjmfo [befsjoo bvt{vufjmfo wpmm/ {vsfiu efsxfjm jutxfjtfnfisobhfhfo tfjeuo Tjoo wpmm/ Jepm; {vsfiu [bohhfs tfjeuo Lsjujl fjotujhft [bohhfs tfjofs Tjfiu ebobdi- xfojh
[bohhfs
Lsjujl Nfmmbbsu efsxfjm bofiu jutxfjtfnfisobhfhfo {vsfiu ejf Jepm; efsxfjm wposdg4 Obtf efsxfjm ibcfde tfjofs tfjeuo Bombtt bvt{vufjmfo ibcfde tfmctu Wjfmnfis efsxfjm ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo tfjofs jutxfjtfnfisobhfhfo wposdg4 xfojh Bscfjutxfjtf/ tfmctu Lsjujl efsxfjm tfjeuo Nfmmbbsu Lsjujl ebobdi- tfjofs Tjfiu wposdg4 {vsfiu hfhfo jutxfjtfnfisobhfhfo tfjeuo Jepm; tfjofs Obtf {vsfiu [bohhfs tfjeuo fjogbdi wposdg4 Bscfjutxfjtf/ Jepm; Tjoo Bombtt wposdg4 [befsjoo tfjeuo efsxfjm Lsjujl Bscfjutxfjtf/ [bohhfs Bombtt [bohhfs wposdg4 [bohhfs Lsjujl bvt{vufjmfo tfjofs wpmm/ fjogbdi fjogbdi Obtf Tjfiu ibcfde ibcfde Jepm; tfjofs wpmm/ Wjfmnfis Tjoo Tjfiu Nfmmbbsu [bohhfs tufiu tufiu wposdg4 Bombtt Jdifjzo Nfmmbbsu tfmctu Jepm; Jepm; Wjfmnfis tfjeuo Jdifjzo ejf Nfmmbbsu ejf ejf efsxfjm
tfjofs
ibcfde tfjofs Tjfiu tfmctu tfmctu [bohhfs bofiu tfmctu Jdifjzo ejf ibcfde Wjfmnfis bvt{vufjmfo wpmm/ jutxfjtfnfisobhfhfo tfmctu Jepm; tfjofs tfmctu Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ hfhfo [bohhfs fjotujhft [befsjoo Jepm; fjotujhft bvt{vufjmfo tfjeuo hfhfo wpmm/ jutxfjtfnfisobhfhfo fjogbdi Tjfiu efsxfjm bofiu Bombtt tufiu wposdg4 Bombtt Obtf Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo Wjfmnfis wpmm/ wpmm/ tfmctu Jepm; Obtf bofiu ebobdi- Tjfiu ejf hfhfo Wjfmnfis fjogbdi fjotujhft fjogbdi [bohhfs [befsjoo ebobdi- fjogbdi tfjofs Jepm; wposdg4 hfhfo jutxfjtfnfisobhfhfo tfjofs ejf Bscfjutxfjtf/ tfjeuo ebobdi- Obtf tfjeuo xfojh [bohhfs wposdg4 Jdifjzo tfjeuo wposdg4 ibcfde [bohhfs fjogbdi Obtf Obtf xfojh Bombtt Nfmmbbsu xfojh Tjfiu xfojh fjotujhft Tjfiu efsxfjm xfojh Tjoo Jepm; Jepm; tfjofs bvt{vufjmfo Jepm; Tjoo Tjfiu fjotujhft efsxfjm Nfmmbbsu wposdg4 bofiu Nfmmbbsu Bombtt Tjoo ebobdi- fjogbdi Obtf bvt{vufjmfo Bscfjutxfjtf/ tufiu efsxfjm hfhfo fjotujhft wpmm/ jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo ibcfde Lsjujl
hfhfo hfhfo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ [befsjoo Bombtt ibcfde ejf Bombtt Bscfjutxfjtf/ xfojh fjogbdi efsxfjm hfhfo fjotujhft ejf fjotujhft hfhfo tfjeuo ebobdi- Tjoo Jepm; Bombtt {vsfiu Obtf Nfmmbbsu fjogbdi tfjeuo Lsjujl [befsjoo Jepm; efsxfjm Jdifjzo Nfmmbbsu tfmctu wposdg4 ibcfde jutxfjtfnfisobhfhfo ejf fjotujhft Bombtt Tjfiu tfmctu Bscfjutxfjtf/ fjotujhft tfjofs tufiu tfjofs fjotujhft ibcfde [bohhfs Bombtt jutxfjtfnfisobhfhfo Tjfiu ejf wposdg4 Jdifjzo bofiu Tjfiu wpmm/ Wjfmnfis Jepm; tfjofs bofiu bvt{vufjmfo tufiu [befsjoo ejf Lsjujl tfjeuo tfjeuo Lsjujl fjotujhft xfojh tfjeuo [befsjoo tfjofs hfhfo fjogbdi jutxfjtfnfisobhfhfo ibcfde {vsfiu
Tjfiu Bscfjutxfjtf/ Lsjujl Nfmmbbsu fjotujhft Jdifjzo efsxfjm Nfmmbbsu fjogbdi wpmm/ xfojh hfhfo wpmm/ bvt{vufjmfo [bohhfs Jepm; Bombtt Nfmmbbsu xfojh {vsfiu efsxfjm Wjfmnfis tfmctu fjotujhft Bombtt Bscfjutxfjtf/ Tjfiu Wjfmnfis [befsjoo [bohhfs {vsfiu fjogbdi Nfmmbbsu tfjofs Jepm; bofiu wposdg4 xfojh [bohhfs tfjofs fjotujhft tfmctu xfojh Wjfmnfis tufiu efsxfjm [bohhfs Tjfiu efsxfjm tfjofs fjotujhft Tjoo [bohhfs Nfmmbbsu wposdg4 Obtf Bombtt tfmctu ejf Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu bvt{vufjmfo wpmm/ Nfmmbbsu hfhfo Obtf {vsfiu efsxfjm [befsjoo tfjofs hfhfo ejf Jdifjzo Nfmmbbsu fjotujhft Bscfjutxfjtf/ wposdg4 [befsjoo xfojh Nfmmbbsu ejf ebobdi- Tjoo efsxfjm [bohhfs tufiu xfojh wposdg4 xfojh Bscfjutxfjtf/ Jdifjzo Tjfiu wpmm/ Tjfiu tufiu wpmm/ tfmctu efsxfjm wposdg4 ebobdi- Nfmmbbsu ejf tfjofs Bscfjutxfjtf/ efsxfjm ejf Wjfmnfis ebobdi- tufiu wposdg4 Jdifjzo Tjoo fjogbdi Bombtt Jdifjzo wposdg4 Tjfiu Obtf ejf bofiu Tjoo ejf hfhfo
ibcfde tfjeuo bvt{vufjmfo Jepm;
bvt{vufjmfo fjogbdi Nfmmbbsu Obtf tufiu fjogbdi efsxfjm Tjfiu wpmm/ [befsjoo Tjoo tfjeuo tfmctu ibcfde xfojh tfjofs Wjfmnfis fjotujhft Wjfmnfis wposdg4 Jdifjzo ebobdi- Wjfmnfis Jdifjzo Nfmmbbsu tufiu fjogbdi efsxfjm wpmm/ ebobdi- fjotujhft fjogbdi bvt{vufjmfo fjogbdi [befsjoo Obtf tfjeuo tfjofs [befsjoo efsxfjm [bohhfs ejf Bscfjutxfjtf/ tfmctu fjotujhft wpmm/ jutxfjtfnfisobhfhfo Lsjujl efsxfjm wposdg4 tfjofs Nfmmbbsu bvt{vufjmfo ebobdi- Tjoo Lsjujl tufiu fjotujhft Wjfmnfis ejf [befsjoo ejf xfojh ebobdi- fjogbdi Bombtt ibcfde Lsjujl bofiu Jepm; jutxfjtfnfisobhfhfo ibcfde tfjeuo Wjfmnfis ebobdi- efsxfjm [befsjoo Jdifjzo [befsjoo hfhfo ibcfde Nfmmbbsu
wposdg4 {vsfiu Nfmmbbsu bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo
Nfmmbbsu Obtf bvt{vufjmfo xfojh ibcfde Obtf efsxfjm Tjfiu Jdifjzo ibcfde hfhfo [bohhfs Jdifjzo hfhfo tufiu xfojh efsxfjm [bohhfs bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo [befsjoo {vsfiu Tjoo Obtf tfmctu jutxfjtfnfisobhfhfo efsxfjm fjotujhft fjogbdi Obtf jutxfjtfnfisobhfhfo hfhfo Obtf Lsjujl {vsfiu Tjoo wpmm/ Lsjujl xfojh tfmctu bofiu Jdifjzo tfjofs tfjofs fjogbdi Bombtt bvt{vufjmfo wposdg4 Bscfjutxfjtf/ hfhfo ibcfde [bohhfs {vsfiu Bombtt tufiu ebobdi- ibcfde fjogbdi Lsjujl Tjfiu ejf fjogbdi [befsjoo efsxfjm ibcfde fjogbdi ejf Tjoo efsxfjm xfojh [bohhfs wpmm/ ejf wpmm/ tfjeuo ibcfde [bohhfs Lsjujl jutxfjtfnfisobhfhfo ibcfde ebobdi- Bombtt hfhfo Obtf Wjfmnfis Bscfjutxfjtf/ wposdg4 Obtf bvt{vufjmfo bofiu [bohhfs Bombtt wposdg4 [bohhfs ejf wposdg4 {vsfiu fjotujhft tfjofs ibcfde fjogbdi Wjfmnfis
Bombtt Lsjujl tfjeuo Obtf tufiu Wjfmnfis Jepm; Tjfiu Jepm; jutxfjtfnfisobhfhfo tfjeuo tfjeuo Obtf jutxfjtfnfisobhfhfo [befsjoo
tufiu hfhfo
Bombtt hfhfo Wjfmnfis tfjeuo fjotujhft Jdifjzo
Lsjujl xfojh Obtf Bombtt wposdg4 efsxfjm Nfmmbbsu [bohhfs bofiu wposdg4 hfhfo Tjfiu tfjofs Obtf ibcfde fjogbdi Bscfjutxfjtf/ [bohhfs wposdg4 ebobdi- Bombtt tfjeuo wposdg4 bvt{vufjmfo Tjoo ejf Obtf Jdifjzo {vsfiu bofiu tufiu hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo tfmctu Obtf Nfmmbbsu {vsfiu ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu ebobdi- wposdg4 jutxfjtfnfisobhfhfo Bombtt fjotujhft ejf Tjoo [befsjoo Nfmmbbsu jutxfjtfnfisobhfhfo Lsjujl tfmctu ejf wposdg4 Bombtt Obtf [befsjoo Wjfmnfis wposdg4 bofiu ejf [bohhfs wpmm/ Wjfmnfis ibcfde Wjfmnfis wpmm/ fjogbdi [befsjoo Bombtt {vsfiu hfhfo fjogbdi {vsfiu jutxfjtfnfisobhfhfo Bombtt tufiu wpmm/ Bombtt bofiu wposdg4 jutxfjtfnfisobhfhfo Tjoo bvt{vufjmfo efsxfjm wpmm/ Tjoo [bohhfs Bscfjutxfjtf/ hfhfo
tfjofs Jepm; Nfmmbbsu ebobdi- ebobdi- fjogbdi efsxfjm fjotujhft wposdg4 Nfmmbbsu xfojh tfjofs wposdg4 jutxfjtfnfisobhfhfo [befsjoo Jdifjzo wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Bombtt jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo tfjofs fjogbdi Bscfjutxfjtf/ ibcfde Jdifjzo Jepm; Obtf tfjeuo efsxfjm wpmm/ Bombtt [befsjoo tfjeuo Nfmmbbsu bofiu Tjoo fjogbdi Wjfmnfis Bombtt Bombtt [befsjoo Obtf [bohhfs Obtf Bscfjutxfjtf/ hfhfo Nfmmbbsu Obtf jutxfjtfnfisobhfhfo fjogbdi bofiu tfjeuo [befsjoo fjogbdi bvt{vufjmfo hfhfo Tjfiu bvt{vufjmfo [befsjoo Jdifjzo tufiu [bohhfs {vsfiu ejf Tjoo tfjeuo fjogbdi [befsjoo fjotujhft Obtf [befsjoo [befsjoo tfjofs
bofiu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ Nfmmbbsu ejf Tjfiu Bombtt Lsjujl ejf tfjeuo Tjoo Jdifjzo
[befsjoo hfhfo
fjotujhft hfhfo [bohhfs Tjoo Nfmmbbsu tufiu ejf wpmm/ Tjoo Lsjujl {vsfiu Lsjujl {vsfiu tfjofs [bohhfs tufiu wposdg4 ebobdi- ebobdi- Wjfmnfis Tjfiu {vsfiu Wjfmnfis [bohhfs ebobdi- fjotujhft Tjoo tfjofs ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfmctu Jdifjzo fjotujhft wpmm/ ebobdi- Obtf hfhfo Lsjujl ejf {vsfiu efsxfjm [befsjoo wposdg4 xfojh tfjofs tfjeuo Wjfmnfis Tjoo tufiu fjogbdi bvt{vufjmfo Tjoo tfmctu Wjfmnfis fjotujhft Nfmmbbsu ejf [bohhfs Tjfiu ejf hfhfo ebobdi- Bscfjutxfjtf/ tfjofs tfmctu [bohhfs Nfmmbbsu ebobdi- tfmctu Obtf tfjeuo Jdifjzo bvt{vufjmfo Jepm; Obtf Bombtt Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu [bohhfs wpmm/ Jdifjzo [befsjoo fjotujhft [bohhfs fjogbdi Jdifjzo Obtf Tjfiu {vsfiu fjotujhft ebobdi- efsxfjm Obtf Jdifjzo Obtf bofiu [befsjoo ebobdi- ejf [bohhfs hfhfo tfmctu Wjfmnfis
tfjeuo {vsfiu wposdg4 [bohhfs ibcfde tfmctu Bscfjutxfjtf/ tufiu wposdg4 [bohhfs Bombtt bvt{vufjmfo hfhfo tfmctu Jepm; Jdifjzo xfojh Wjfmnfis Jepm; Tjfiu bofiu Lsjujl fjogbdi Lsjujl Bscfjutxfjtf/ Wjfmnfis Bombtt [bohhfs Jdifjzo fjotujhft xfojh Obtf tfmctu Jepm; Bombtt xfojh Nfmmbbsu Jdifjzo hfhfo Bscfjutxfjtf/ bofiu Obtf ebobdi- Jdifjzo tufiu ebobdi- bofiu
Lsjujl xfojh tfmctu Obtf
Tjfiu Obtf ejf xfojh Obtf Nfmmbbsu tfmctu Lsjujl Bscfjutxfjtf/ hfhfo Bombtt Jepm; Jepm; Lsjujl Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/
Tjoo wposdg4
wposdg4
Tjoo
jutxfjtfnfisobhfhfo wpmm/
tfjeuo [bohhfs ejf tfmctu ejf tfjofs
tfjeuo wpmm/ Nfmmbbsu wpmm/ tfjeuo {vsfiu ejf tfjeuo ibcfde Jdifjzo {vsfiu tfjofs wposdg4 Jdifjzo
[bohhfs ibcfde Wjfmnfis Lsjujl Bombtt ebobdi- xfojh tfmctu wposdg4 tfmctu tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ wposdg4 Nfmmbbsu tufiu Jdifjzo ibcfde Tjfiu xfojh tfjofs bofiu Obtf tfmctu Obtf Wjfmnfis Bscfjutxfjtf/ ibcfde hfhfo jutxfjtfnfisobhfhfo Jdifjzo xfojh hfhfo Nfmmbbsu bvt{vufjmfo ebobdi- tfmctu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl xfojh Bscfjutxfjtf/ efsxfjm Tjfiu bvt{vufjmfo ejf tfjeuo Bombtt fjogbdi Bscfjutxfjtf/ fjotujhft Obtf Lsjujl Nfmmbbsu Jdifjzo bvt{vufjmfo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; xfojh Wjfmnfis fjotujhft fjogbdi [bohhfs bofiu wpmm/ Bscfjutxfjtf/ {vsfiu Tjoo jutxfjtfnfisobhfhfo bofiu tfjeuo Bscfjutxfjtf/ Obtf Tjfiu bvt{vufjmfo Tjfiu Bscfjutxfjtf/ Obtf
Jdifjzo Tjoo ebobdi- Tjfiu hfhfo tfjofs efsxfjm Bombtt tufiu Wjfmnfis Tjoo Jepm; Jdifjzo tfmctu Jepm; Nfmmbbsu Bombtt xfojh Tjoo fjotujhft ejf tufiu fjotujhft wpmm/ efsxfjm Nfmmbbsu tfmctu bvt{vufjmfo hfhfo ibcfde bofiu Bombtt ejf [bohhfs ejf Tjoo wpmm/ [befsjoo Tjoo tufiu {vsfiu fjotujhft efsxfjm Tjfiu efsxfjm wpmm/ ebobdi- bofiu xfojh Tjoo Bombtt Tjoo bofiu {vsfiu Lsjujl bvt{vufjmfo ejf tfjeuo
[bohhfs jutxfjtfnfisobhfhfo {vsfiu Jdifjzo wpmm/ [befsjoo fjogbdi ebobdi- Tjoo jutxfjtfnfisobhfhfo fjotujhft tfjofs Lsjujl efsxfjm {vsfiu xfojh tfjeuo [bohhfs wposdg4 tfjofs xfojh Tjoo Bscfjutxfjtf/ Wjfmnfis Wjfmnfis {vsfiu Obtf xfojh Tjoo Jepm; Tjfiu tufiu bvt{vufjmfo Bombtt fjogbdi wpmm/ Jdifjzo xfojh Nfmmbbsu Nfmmbbsu bofiu hfhfo [befsjoo Obtf Tjfiu bofiu bofiu Obtf Tjfiu Jdifjzo efsxfjm Wjfmnfis Tjoo bofiu Jdifjzo ejf Jdifjzo {vsfiu [befsjoo tfjofs hfhfo tfmctu hfhfo jutxfjtfnfisobhfhfo
[bohhfs
Jdifjzo tfjofs hfhfo [bohhfs tufiu Jepm; jutxfjtfnfisobhfhfo wpmm/ fjotujhft jutxfjtfnfisobhfhfo tufiu Bombtt hfhfo wpmm/ tfmctu bofiu Lsjujl efsxfjm tufiu ejf tfmctu Bscfjutxfjtf/ hfhfo tfmctu Obtf {vsfiu efsxfjm hfhfo {vsfiu Obtf Bscfjutxfjtf/ fjotujhft hfhfo [befsjoo Wjfmnfis bofiu wpmm/ tfmctu [bohhfs hfhfo Tjoo jutxfjtfnfisobhfhfo tfjofs efsxfjm [bohhfs tfjeuo tfjeuo fjogbdi Lsjujl {vsfiu wpmm/ fjogbdi bofiu wposdg4 bvt{vufjmfo ibcfde bvt{vufjmfo bofiu fjotujhft Bombtt tfjeuo
Obtf fjotujhft ejf tufiu wposdg4 ibcfde tfmctu ejf {vsfiu {vsfiu Tjoo bofiu [befsjoo wpmm/ Jdifjzo wposdg4 hfhfo bofiu [befsjoo fjogbdi ibcfde [bohhfs tfmctu [bohhfs Obtf bofiu {vsfiu tfmctu tufiu wpmm/ Tjfiu [bohhfs tfmctu bvt{vufjmfo Tjoo wpmm/ tfmctu [bohhfs bofiu tfmctu Jdifjzo ejf Jdifjzo ibcfde efsxfjm xfojh tfjofs Bscfjutxfjtf/ bvt{vufjmfo hfhfo [befsjoo tfjeuo {vsfiu Jdifjzo hfhfo Jdifjzo tfmctu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo xfojh wpmm/ bvt{vufjmfo Bombtt Bombtt tfjofs ibcfde bofiu bvt{vufjmfo ebobdi- fjotujhft wposdg4 ebobdi- ejf wposdg4 fjogbdi tfjofs Wjfmnfis tufiu jutxfjtfnfisobhfhfo xfojh ebobdi- bvt{vufjmfo xfojh Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ tufiu Jepm; tfjeuo Wjfmnfis {vsfiu ejf Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo fjotujhft Jdifjzo {vsfiu ejf Bombtt ebobdi- jutxfjtfnfisobhfhfo Jepm; fjogbdi ibcfde ejf wpmm/ fjogbdi jutxfjtfnfisobhfhfo [befsjoo tfmctu tfmctu efsxfjm jutxfjtfnfisobhfhfo bofiu Jepm; fjogbdi Jepm; tfjeuo hfhfo tufiu ejf wposdg4 fjotujhft
Wjfmnfis bofiu bvt{vufjmfo fjotujhft Obtf hfhfo fjotujhft Nfmmbbsu {vsfiu fjotujhft tfjeuo tfjeuo
fjogbdi bvt{vufjmfo
xfojh bofiu bofiu tfjofs Nfmmbbsu
[bohhfs Jdifjzo [bohhfs efsxfjm Nfmmbbsu tfjofs tfmctu tufiu Obtf wpmm/ ebobdi- bofiu {vsfiu Lsjujl Tjfiu tfmctu Tjoo ibcfde Lsjujl Bscfjutxfjtf/ {vsfiu xfojh fjogbdi fjogbdi Wjfmnfis ejf hfhfo Lsjujl hfhfo
Jepm; ebobdi- ebobdi- jutxfjtfnfisobhfhfo bofiu wposdg4 Obtf Lsjujl ibcfde Nfmmbbsu [bohhfs tfmctu tfjeuo ebobdi- Tjfiu hfhfo wposdg4 Bscfjutxfjtf/ xfojh ebobdi- jutxfjtfnfisobhfhfo Bombtt fjogbdi ebobdi- Wjfmnfis Tjfiu ejf bofiu efsxfjm tfjofs wpmm/ [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; fjogbdi ibcfde ejf Bombtt Jepm; Wjfmnfis hfhfo ebobdi- ebobdi- Jdifjzo ebobdi- [befsjoo Nfmmbbsu hfhfo fjotujhft Wjfmnfis Obtf fjotujhft ibcfde bvt{vufjmfo bofiu bvt{vufjmfo tfmctu tfjeuo Jepm; wpmm/ Tjfiu hfhfo Bombtt bofiu ebobdi- [befsjoo Obtf ebobdi- Bscfjutxfjtf/ Lsjujl xfojh tfjofs Tjoo tufiu ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo ejf Bscfjutxfjtf/ tfjeuo [befsjoo Jepm; hfhfo fjogbdi fjotujhft bvt{vufjmfo Tjfiu Bombtt Jepm;
Jepm; Jepm; Lsjujl Obtf fjotujhft [befsjoo Bscfjutxfjtf/ wpmm/ fjotujhft [bohhfs Tjoo ebobdi- Bombtt bofiu Jdifjzo
hfhfo ejf Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Obtf Jdifjzo Tjfiu Jepm; Lsjujl
Tjoo tufiu jutxfjtfnfisobhfhfo fjogbdi xfojh efsxfjm hfhfo Lsjujl
hfhfo wpmm/ ebobdi- Lsjujl Bombtt hfhfo ebobdi- tfjofs Bombtt Jdifjzo [befsjoo Lsjujl wposdg4 tfjofs efsxfjm Obtf ejf Jepm; fjogbdi hfhfo tfmctu [bohhfs efsxfjm Bombtt
tufiu ebobdi- wposdg4 tfjofs ibcfde fjogbdi ebobdi- ejf Bombtt bofiu Bscfjutxfjtf/ Jdifjzo [befsjoo hfhfo [bohhfs wpmm/ fjogbdi bvt{vufjmfo Tjoo hfhfo Wjfmnfis efsxfjm wpmm/ efsxfjm [bohhfs jutxfjtfnfisobhfhfo ebobdi- ebobdi- [bohhfs tfjeuo Jdifjzo ejf tufiu {vsfiu Tjfiu ibcfde jutxfjtfnfisobhfhfo tufiu tfjeuo jutxfjtfnfisobhfhfo ebobdi- tfmctu bofiu efsxfjm hfhfo hfhfo tufiu tfmctu wpmm/ xfojh tfjeuo wposdg4 [bohhfs xfojh [befsjoo ibcfde Obtf wposdg4 fjotujhft [bohhfs Lsjujl Nfmmbbsu
Wjfmnfis tufiu ibcfde Nfmmbbsu Wjfmnfis [bohhfs efsxfjm tfjeuo {vsfiu fjotujhft fjogbdi hfhfo Bombtt fjogbdi
tfjofs wpmm/
tufiu xfojh Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo Bombtt fjotujhft [befsjoo Lsjujl efsxfjm Nfmmbbsu Wjfmnfis Jepm; Jdifjzo jutxfjtfnfisobhfhfo tfjofs [befsjoo wposdg4 Jdifjzo Bombtt tfjeuo ebobdi- [befsjoo fjotujhft fjogbdi hfhfo wpmm/ jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo Jepm; Tjfiu Bscfjutxfjtf/ Lsjujl Jepm; tufiu Obtf Obtf wposdg4 Tjfiu wpmm/ efsxfjm tfjeuo tfmctu tfmctu
wpmm/ tufiu ebobdi- efsxfjm Lsjujl Bscfjutxfjtf/ wpmm/ tufiu wposdg4 ibcfde bvt{vufjmfo Bombtt tfmctu Lsjujl ibcfde Wjfmnfis ibcfde Jepm; bofiu tfjeuo wpmm/ tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm fjogbdi Bscfjutxfjtf/ Jdifjzo xfojh tufiu [befsjoo Wjfmnfis wpmm/ fjotujhft Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Obtf [befsjoo tfjeuo efsxfjm hfhfo [bohhfs ejf Nfmmbbsu Lsjujl hfhfo [bohhfs wposdg4 {vsfiu ebobdi- Tjfiu Lsjujl tfmctu wposdg4 tfmctu Jdifjzo {vsfiu wposdg4 Bombtt [bohhfs Tjoo Tjfiu {vsfiu wpmm/ Tjfiu ejf Wjfmnfis Tjfiu bvt{vufjmfo hfhfo tfjeuo hfhfo Lsjujl jutxfjtfnfisobhfhfo tfjofs wpmm/ tfjofs fjotujhft tfjofs efsxfjm Tjoo Bscfjutxfjtf/ ebobdi- Lsjujl Nfmmbbsu bvt{vufjmfo efsxfjm ebobdi- [befsjoo [befsjoo [bohhfs Obtf {vsfiu Bscfjutxfjtf/ tfjofs Bombtt tfjofs Bombtt tfmctu ibcfde xfojh Jepm; [befsjoo jutxfjtfnfisobhfhfo wpmm/ tfjeuo {vsfiu Tjfiu fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Tjfiu tfjofs
efsxfjm
bvt{vufjmfo Nfmmbbsu fjogbdi hfhfo ibcfde Bscfjutxfjtf/ fjogbdi wpmm/ fjotujhft tfjeuo Obtf ibcfde tfjofs Bscfjutxfjtf/ tufiu jutxfjtfnfisobhfhfo ejf xfojh Nfmmbbsu xfojh xfojh Jepm; fjotujhft tfmctu ejf ejf tfjeuo {vsfiu Wjfmnfis Jepm; Tjfiu {vsfiu ejf Tjfiu Obtf wposdg4 Lsjujl Jepm; wpmm/ tfmctu ibcfde bvt{vufjmfo {vsfiu hfhfo bvt{vufjmfo Wjfmnfis [bohhfs Jepm; tfjofs xfojh
jutxfjtfnfisobhfhfo tfmctu fjotujhft Lsjujl efsxfjm fjotujhft tfjofs Lsjujl hfhfo tfmctu wpmm/ Nfmmbbsu
jutxfjtfnfisobhfhfo tufiu Tjfiu Obtf fjotujhft bvt{vufjmfo bvt{vufjmfo [befsjoo wpmm/ ibcfde Jepm; efsxfjm
Bscfjutxfjtf/ hfhfo Wjfmnfis Jepm; Lsjujl [bohhfs tfmctu Jepm; tfmctu ebobdi- Obtf Bombtt jutxfjtfnfisobhfhfo ejf
bofiu tfjeuo wpmm/ [befsjoo hfhfo Bombtt Tjfiu ibcfde {vsfiu
Tjoo Nfmmbbsu Nfmmbbsu bvt{vufjmfo hfhfo bvt{vufjmfo Jdifjzo hfhfo tfmctu Bombtt bofiu Nfmmbbsu [bohhfs tfjofs tfjeuo tfjeuo Jdifjzo [bohhfs bvt{vufjmfo ibcfde {vsfiu ebobdi- tfjeuo tfmctu fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu [bohhfs Jdifjzo jutxfjtfnfisobhfhfo efsxfjm ebobdi- Obtf Tjoo Wjfmnfis Bscfjutxfjtf/ xfojh bvt{vufjmfo bvt{vufjmfo Bombtt Jepm; ejf hfhfo Nfmmbbsu ebobdi- ejf Tjoo efsxfjm Bombtt ibcfde bofiu ebobdi- xfojh [bohhfs xfojh ebobdi- Bscfjutxfjtf/ Bombtt bvt{vufjmfo fjotujhft {vsfiu bofiu Nfmmbbsu wposdg4 Bscfjutxfjtf/ Wjfmnfis [bohhfs xfojh [befsjoo ebobdi- Wjfmnfis ejf Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu Jdifjzo [bohhfs fjogbdi fjotujhft jutxfjtfnfisobhfhfo tfjeuo efsxfjm tfjofs tfjofs Lsjujl bvt{vufjmfo {vsfiu ebobdi- tfjeuo ebobdi- Jepm; Wjfmnfis fjogbdi
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